Cryptocurrency Binance has received another license from the Dubai crypto regulator. Binance can now offer more crypto-related services in Dubai.
Binance’s new license in Dubai
Cryptocurrency Binance announced Wednesday that it has received a Minimal Viable Product (MVP) license from Dubai’s Virtual Assets Regulatory Authority (VARA).
Details of the announcement mean that besides allowing Binance to “open client money accounts with domestic banks,” having an MVP license means.
Binance may offer an approved range of virtual asset-related services to suitably qualified individuals and institutional investors in Dubai.
The approved services are crypto exchange services, conversion between cryptocurrencies and fiat currencies, crypto asset transfer, storage and management, virtual token offering and trading services, and payment and remittance services.
Established in March under the Dubai Virtual Assets Regulation Act, VARA is responsible for licensing and regulating the crypto sector in the Emirate of Dubai and its free zone territory (excluding DIFC) under UAE law. Binance received a provisional license from VARA in March, allowing the exchange to offer limited crypto services.
VARA Chairman, His Excellency Helal Saeed Almarri, said.
We are pleased to have been granted a license to operate by Binance within VARA’s MVP program.
“VARA looks forward to Binance’s active contribution and reinforce Dubai’s commitment to building the next generation secure ecosystem for this future economy,” he added.
Changpeng Zhao (CZ), Founder and CEO of Binance, commented:
At Binance, we welcome regulations that are globally consistent, enable responsible innovation, protect users, and give them choice.
Binance is expanding its presence in Europe and has local subsidiaries throughout Europe in the MENA region and in Italy, France and Spain.
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